Well that was easy enough. We've now rallied 6.5% straight up in just under 2 weeks. S&P 1330 which was the old incremental high is now being touched, and once we climb over that level the technical problem we had a few weeks ago in terms of lack of a new higher high will be over and done with.
A few more gap ups in the overnight session and we'll be at highs of the years.... looking at the chart we've gapped up 6 of the past 10 sessions. Amazing.
Apparently short of nuclear implosions and/or fears of major European debt meltdown (Ireland, November 2010) the market no longer has the ability to go down. And even those events, only caused 3 weeks of issues. Those are the only two things that could stagger this market even momentarily since Ben Bernanke added 'pushing the stock market up ' as the Fed's 3rd initiative at Jackson Hole, Wyoming late last summer. Since the Fed's two other initiatives (price stability and full employment) are not working, I guess he wanted something much easier to handle. 1 for 3 ain't bad.
V shape is the new normal.... what you knew before 2009 is no longer of use.
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows